Azuki NFT Collection Creator Closes $30 Million in Series A Raise

Los Angeles-based Chiru Labs, the company behind the highly publicized Azuki NFT line, expects to receive at least $30 million in the Series-A fundraising round. Three people familiar with the fundraising drive confirmed the targeted amount of the raise. Azuki NFT Collection Announcement The announcement comes just one week after another NFT manufacturer, Doodles, received $54 million at a valuation of $704 million in a round led by Alexis Ohanian, co-founder of Reddit and a supporter of NFTs, and his venture capital firm, 776. Proof Collective, the company behind Moonbirds, raised $50 million on August 30 in a round that was co-founded and backed by Andreessen Horowitz (a16z). Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), secured $450 million in a round led by a16z in March, valuing the venture at an astounding $4 billion. Azuki, Doodles, and Moonbirds’ founders follow in Yuga Labs’ footsteps. Ten thousand anime characters known as “Azuki’s” are sideways-facing, depicted in various moods, and equipped with multiple props like weapons and headgear. However, Azuki’s ascent has not been without incident. Zagabond, the company’s founder, wrote in a blog post they published in May about three unsuccessful NFT projects they had worked on before founding Azuki. The average Azuki cost fell from over 30 ETH to 10 ETH about the same period and has not yet recovered. Story of Azuki’s Origin The undertaking has been going on...